Chapter 1

1. I will be able to explain the challenges facing 21 st Century managers 2. I will be able to describe the characteristics and performance of a successful organization. 3. I will be able to define what is a manager and what are the levels of management 4. I will be able characteristics and skills a successful manager needs. 5. I will be able to explain the four functions of management.

 Today’s workplace is one in which: ◦ Organizations must adapt to change ◦ Economy is global ◦ Innovation and technology drive the economy ◦ Economy is knowledge based ◦ Best employers value people!

 Intellectual Capital  Globalization  Technology  Diversity  Ethics  Careers

 People ◦ What they know, what they learn, what they do with it are the foundation of the organization  Intellectual Capital ◦ Shared knowledge/collective brainpower of the organization  Knowledge Worker ◦ Someone whose mind is a critical asset; someone who adds to collective brainpower

 National boundaries of business world have virtually disappeared  People and countries are increasingly interconnected  Globalization ◦ The worldwide interdependence of resources, markets, and competition of the new economy

 Transformation of the workplace through: ◦ Internet ◦ Computers ◦ Information technology ◦ Automation  Increasing demand for knowledge workers  Skills need to be continually updated and mastered

 Workforce Diversity ◦ Differences in age, gender, race, religion, sexual orientation and able-bodiedness  Diverse workforces provide both challenges and opportunities for organizations  Organizations can tap rich talent pool and help everyone to their full potential by valuing diversity  Businesses are improving but inequalities still exist

 Prejudice ◦ Preconceived opinion or attitude not based on reason or experience ◦ Becomes discrimination when minority members are treated unfairly or denied full benefits of membership  Glass Ceiling Effect ◦ Subtle form of discrimination ◦ Prevents women and minorities from rising above a certain level in organizations

 Moral principles that determine “good” or “bad” behaviour  Law requires corporations to have board of directors to look out for interests of shareholders  Corporate Governance ◦ Board of directors actively looking at the activities of corporation to hold management socially responsible  Ethics has become important in today’s business world

 Shift from previous generation  Today’s workers: ◦ Will not all work full time ◦ Won’t work for one large employer for duration of career ◦ Are more likely to change jobs and employers ◦ Need skills that are portable and current ◦ Need to upgrade skills

 Collection of people working together to achieve a common purpose  Allows members to achieve results far beyond reach of individual accomplishment  All organizations have a broad purpose: ◦ Provide useful goods or services that return value to society and satisfy customer needs

 Interact with environment to transform resources into products and services

 Three characteristics: ◦ Purpose: to create a good or service ◦ Division of labour: different tasks assigned to different people ◦ Hierarchy of authority: a level-by level management structure of increasing responsibility

 Organizations perform well when resources are used efficiently and customers served well  Performance measured in many ways ◦ Productivity  Quality and quantity of work done in relation to resources used ◦ Performance Effectiveness  Measures how well output goals are met  E.g., meeting production targets each day ◦ Performance Efficiency  Measures costs associated with output

 Read Workopolis.Com on pg 3  Why do you believe that workopolis has experienced success in the new economy? Provide a minimum of 3 reasons.  Which of the 6 challenges do you believe creates the greatest challenge for employees/employers to overcome? Why?

1. I will be able to explain the challenges facing 21 st Century managers 2. I will be able to describe the characteristics and performance of a successful organization. New Goals 1. I will be able to define what is a manager and what are the levels of management 2. I will be able characteristics and skills a successful manager needs. 3. I will be able to explain the four functions of management.

 A person who supports and is responsible for the work of others  Responsible for the overall accomplishments and performance of a team, group or the entire organization  Support subordinates whose tasks represent real work of organization  Key Responsibility: ◦ To help others achieve high performance

 Top ◦ Responsible for entire organization or for a larger part of the organization ◦ CEOs, Presidents, VPs, etc. ◦ Pay special attention to external environment Top

 Middle ◦ In charge of relatively large departments or divisions ◦ Work with top management and peers to develop plans to achieve organizational goals Middle

 Lower Level Managers ◦ In charge of small groups of non-managerial employees ◦ First line managers ◦ Ensure their teams meet goals of top and middle management Team Leaders / Supervisors

 Plan meetings  Make work schedules  Inform and clarify goals and tasks  Seek recommendations for improvement  Performance appraisal  Recommend pay increases and new job assignments  Recruit, develop and train new employees  Encourage high performance  Inform high levels of team needs  Coordinate with other teams

 All managers must be accountable ◦ Accountability: requirement to answer to higher authority  Managers are accountable for achieving results while maintaining high quality of work life environment  Quality of Work Life ◦ Quality of human experiences in workplace ◦ Includes:  Fair paysafe work conditions  Opportunities to learnopportunities to progress  Pride in work and organization

 High performing managers: ◦ Build working relationships ◦ Help others develop skills and competencies ◦ Foster teamwork ◦ Create work environment of performance and satisfaction

 Skills and characteristics leading to managerial success: ◦ Communication ◦ Teamwork ◦ Self-management ◦ Leadership ◦ Critical thinking ◦ Professionalism

 Planning ◦ Setting goals and deciding how to accomplish them  Organizing ◦ Arranging tasks, resources and work of individuals and groups to meet goals  Leading ◦ Inspiring and influencing others to work to meet goals  Controlling ◦ Measuring results, comparing results to goals and taking action as needed